dennis cardoza is speaking out about retirement and the scathing words he had for president obama onbama administration would not do enough to fix the housing economy. they had redistricting in california. >> you decided not to seek reelection and had harsh words for the administration and advice if you will for voters out there. why are you leaving and why did you decide to go out? i guess with a blast. >> i thought it was important that you only get one chance to say goodbye. i really felt it was important after being here ten years to say what was on my mind. frankly there were two main messages i wanted to leave. the first is that administration has not done an adequate job dealing with foreclosure in america. crushing the economy and my constituents and 70% are under water in mortgages and 30% have lost their homes. this is a devastating crisis and i don't believe the administration acted with adequate urgency. the second thing i wanted to send a message about is the moderates i have been part of got devastated in the last election. they rarely get listened to by the media. the

host: let me introduce you to congressman dennis cardoza, democrat of california. his sixth term in office, part of the blue dog coalition. his district in california is the 18th district, which will be greatly restructured after the census. he has just recently announced that is leaving congress at the end of his term. you have told other people, but tell our audience the reason. guest: a number of things. first, i have come to be sort of frustrated with screaming and yelling in congress rather than cooperation. that is the frustration that is built over the years. in the last election the american people were looking for moderation in congress. 60 of my colleagues lost in the house in the last election. i decided because i think it's gonna be tough to get things done the next few years, so i will work in the private sector to try to accomplish those things. and some other personal and family issues. finally, you mentioned redistricting. one of my good friends, we both voted for it to other for speaker in the last time we had the opportunity to do that. jim wanted

congressman dennis cardoza joins us live. bill: president obama, some harsh words for republicans.epublican white house. >> if we don't work even harder than we did in 2008 then we're going to have a government that tells the american people you are on your own. bill: got at fox news alert right now. sales of new homes went higher last month, topping expectations. they rose in september after four straight monthly declines, largely we're told because the builders are cutting their prices. the sales price of a new home fell more than 3%. the commerce department says sales up five points, almost 6% last month but that is less than half of what it needs to sustain a healthy housing market. here are the raw numbers. 313,000 homes sold. you need about 700,000 to signal growth in the market or healthy economy. so you're about 50% of where we need to be. the numbers just in right now here on "america's newsroom.". martha: well, president obama painting a descriptive image of what america will look like if a republican wins the white house in 2012. here he is is during a fund-raiser in san

. >>> after nearly a decade in office, dennis cardoza had enough.tepping down next year, but not before telling everyone exactly what's on his mind. congressman, your retirement statement was a litany of -- you seemed to vent frustration that you had about this town and the media and democratic politics and the obama administration and republican politics. it started with housing and the president is rolling out a housing plan. what do you think? >> i enjoyed my service in congress. with to the president's housing proposal, i am concerned it's more of the same. he is taking initiatives that we had a home act bill that i put forward that would allow americans to refinance and taking snippets of the bill and eliminating the appraisal requirements and other things. there far too little and taken far too long. we proposed in 2009 this proposal. it's just now getting traction. we met with mr. dimarco with a point person on this. he said maybe 800,000 more refinances. when the problem is 11 million. >> let's talk about your district in central california.

dennis cardoza. three cities in his central valley district. modesto, stockton, and the third, fourth and sixth highest in the country. you heard him say this is a win/win. this is finally at least the beginning of the help to get people back. is this enough? >> well, i'm glad the secretary is refocused on this. frankly, i told him in 2009 that these programs weren't going to be enough themselves wouldn't be effective for my district. and they haven't been fiktive for most of the country. where these problems exist. >> what's wrong them? you heard the president in 2009 themselves sold this at the time. they were very ambitious, very optimistic and frankly they haven't worked out to match the numbers. is it their fault? >> good intentions but they haven't put enough pressure on the banks. the programs were too cumbersome to begin. with in my area, many of the home are 70% underwater. when they limited it to 105 and then to 125% of loan to value, they immediately cut off the worst hit areas. and those markets just continue to decline. >> there's

bill: what was the parting shot from dennis cardoza in california. >> he's the 6th law maker in the house to announce he's not going to run. they are all blue dog moderate democrats. he's particularly upset about the president not doing enough he says to handle the home foreclosure crisis which is becoming an issue you amongst some republicans as well. it's an enormous problem in california, nevada, florida. a lot of those states that overbuilt. he's angry the president has not done enough on that issue. bill: it's breaking news this morning with the vote late last night. byron, thanks. alisyn: west virginia democrat joe mansion moved -- voted to move it forward. he wants the government to offer low or no-interest loans to states instead of grants. he hopes other lawmakers sign on to his plan. bill: brand-new polling numbers show americans are not optimistic about our future. 72% say the country is on the wrong track. headed in the wrong direction. 93% believe the economy is either quote an extremely or very important issue. it also found 81% describe the economy as poor. and just 30% thi

california congressman dennis cardoza, a long time critic of the administration, says this, it's far too a little, it's just baby steps. they're still not getting it. cardoza said the housing collapse is a leading cause of the recession but the last issue to be addressed by washington. more on that coming up in a great fair and balanced debate with bob and andrea on deck on that. martha: debt is such a burden to some states in this country that they are digging a deal hope to try to stay above water. how deep? look at this report that came out this morning. it shows the total debt owed by state governments is an astounding $4.2 trillion. california is in the biggest financial hole of all. they've got a total debt of more than $612 billion. new york comes in second, $305 billion is owed by the state of new york. texas, $283 billion in the hole. and the report also states that california borrowed the most from the federal government in the course of this year, just to try to piece that together. bill: meantime on the campaign trail, ron paul taking the country's debt very seriously. he

so now for the panelists, representative dennis cardoza represents california's 18th district, which is in the san joaquin valley of central california, includes fresno and madera. they were some of the hardest hit real estate regions in the country. as i'm sure you'll be hearing from him about. this is dennis is a fifth term in congress and he is keenly interested in agriculture and housing. is the author of a book and a champion efforts to help millions of underwater borrowers to refinance at lower rates. doctor stan humphries joins us from seattle where he is chief economist for zillow where he leads the team that is developing housing market data for metro areas. prior to zillow stands that several years at expedia and his broad experience includes peace corps service in west africa, nasa and the university of virginia where he received his ph.d in government. mr. ronald phipps is president of the national association of realtors. i know we have many members from nar here. he has been a real estate broker for 31 years, practicing in rhode island, maine and vermont. he's been a na